Israeli food and drinks maker Strauss Group reported a 9 percent fall in quarterly profit, hurt by continuing declines in its global coffee sales.
Strauss said on Wednesday it earned an adjusted 69 million shekels ($19.6 million) in the second quarter, down from 75 million a year earlier. Sales declined 3 percent to 1.95 billion shekels, although they rose 1.7 percent excluding foreign currency effects.
Strauss, a maker of snacks, fresh foods and coffee, is a market leader in roast and ground coffee in central and eastern Europe and Brazil. It is the second-largest company in the Israeli food and beverage market.
Coffee sales fell 8.5 percent, led by a 9.6 percent drop in international coffee sales.
Sales at its international dips and spreads joint venture Sabra, which is half owned by PepsiCo, gained 7 percent. Sales in Israel slipped 1.8 percent.
Strauss "is contending with economic challenges in eastern European markets, notably Russian and Ukraine, while posting continued growth in the international dips and spreads operation," said Gadi Lesin, Strauss chief executive.
